Usually, a Silicon Valley hi-tech company likes being on ‘E’…as in electronic, or on the net. Unfortunately, Tesla, the electric car maker, is on a different ‘E’. As in E-M-P-T-Y:

Shares of Tesla Motors /quotes/comstock/15*!tsla/quotes/nls/tsla (TSLA 16.25, +0.14, +0.87%) , which had one of 2010’s biggest debut-day gains, are now worth less than their original offering price. On Tuesday, Tesla shares slid 16% to $16.11, falling below the $17-a-share IPO price for the first time since the Silicon Valley electric-car maker went public June 29. The stock hit a low of $15.83 intraday Tuesday. When the company made its debut last week, shares soared 41% to close at $23.89. The following day the stock climbed to its high-water mark of $30.42.